Real Estate Information

According to the online foreclosure marketing firm RealtyTrac, in the first three months of 2010 foreclosure filings rose 7% compared with the previous quarter,  to more than 930,000,. That's a 16% jump over the first three months of 2009.  Foreclosures started off the first quarter with modest gains but spiked in March to a record 367,000 filings. Plus, nearly 258,000 of those filings were for bank repossessions, the highest quarterly total RealtyTrac has ever reported.  "It looks like the log jam is finally breaking up," said Rick Sharga, a RealtyTrac spokesman. "A lot of foreclosures had come into the process and then just stopped."  Nevada continued to dominate the foreclosure rankings, with one in 33 homes recording a filing during the quarter. This is the state's 13th consecutive quarters in the top spot.  Arizona had one for every 49 units, Florida one for every 57 and California one for every 62. The Golden State, by far the nation's most populated, had a total of mor
 e than 216,000 filings, more than any other state and 23% of the nation's total foreclosure activity.  Other poor performers included Utah, where the foreclosure rate jumped 75%, Michigan and Georgia.  The least affected states included Vermont (one in 8,932), West Virginia (one in 4,010) and North Dakota (one in 2,161).

I read some information that I thought worth passing on.  The IRS clarifies information required to claim you tax credit. The guidelines with be implemented to help prevent fraud.  Central Coast Real Estate buyers should always contact their accountant or CPA for complete details.

KEEP THIS IN MIND

• The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010. Repeat buyers may be eligible for a tax credit of up to $6,500. Visit http://www.irs.gov/newsroom/article/0,,id=187935,00.html for more information about the federal tax credit for home buyers, including eligibility requirements.

• To receive the tax credit, home buyers must comply with the IRS’s documentation requirements, including a fully executed IRS Form 5405. On the form, which is available on the IRS’s Web site, taxpayers provide information supporting their claim of eligibility, such as income and home purchase date.

• The IRS also requires home buyers to submit a copy of the closing or settlement statement that proves the transaction took place. The IRS previously said that the statement should show "all parties’ names and signatures, property address, sales price, and date of purchase." However, since closing or settlement statements vary by state, and in some cases the form does not include both the seller’s and buyer’s signatures, the IRS has revised this requirement. As long as the closing or settlement statement conforms to prevailing local practices, the IRS will accept it.

• One stipulation for repeat buyers is they must provide documentation they lived in their former property for a consecutive five years out of the previous eight years. Accepted documentation may include property tax records, hazard insurance records, or copies of annual mortgage interest statements filed with their federal taxes.

To read the full story, please click here:

http://www.latimes.com/classified/realestate/news/la-fi-harney21-2010feb21,0,1254506.story

It's funny how a little rain comes and we don't really know how to act.  We always need it, but never really want it.  The nice thing is, the rain is a pleasant little reminder of how fortunate we truly are to live on the Central Coast of California. 

Aside from the convenience of being between San Francisco and Los Angeles, Pismo Beach has plenty of wonderful traits about it.  Most of time we are able to take advantage of our mild climate and enjoy various outdoor adventures.  From walking on the beaches, hitting the local bike trails, kayaking, windsurfing, horseback riding, scuba diving - there is sure to be something to appeal to just about everyone.

Of course on those few days we are thrown off of our normal routine, due to that wet stuff falling from above (from the clouds, not the birds!), we have to adjust our mentality a little and enjoy some of the things near by that we forget about when we are soakin up the sun.  Did you know we have a local pool hall, and bowling alley?  Places like the Childrens Museum, an indoor pool, and several movie theatres are just a short drive away to nearby cities like Arroyo Grande or San Luis Obispo.

So enjoy this little bit of rain we get and take a moment to be thankful for the beautiful paradise we are lucky enough to call home.

Well, if January was any indication, this year is going to fly by!  It's hard to believe that it is February 2nd already.  Everyone should have gotten or will be getting their W2's or 1099's, and thoughts are now turning towards getting one's taxes handled.  As you are thinking about such things it may be wise to familiarize yourself with the 2009 tax credits for first-time and repeat homebuyers.  Deadlines are in place, so check out the link below to make sure you can take full advantage of what is available to you.  http://www.federalhousingtaxcredit.com/

Once you find out what's available, we'll be happy to help you get into a home that's right for you!  Whether it's Pismo Beach, Paso Robles or anywhere in between, our agents will find the best home in your area, for the best price!

Being so blessed here on the Central Coast of California it is not very often that we experience much in the way of extreme weather.  So as we endure a pretty radical storm (per Pismo standards), I thought it may be a good time to remind everyone of some winter safety precautions we can all so easily forget.

These tips are from CDC, the National Fire Protection Association, and the U.S. Consumer Product Safety Commission to prevent injuries and deaths related to heating your home.

• Install a smoke alarm near bedrooms and on each floor of your home. Test it monthly. If it has a 9-volt battery, change the battery once a year.
• Install a carbon monoxide (CO) alarm near bedrooms and on each floor of your home. If your alarm sounds, the U.S. Consumer Product Safety Commission suggests that you press the reset button, call emergency services (911 or your local fire department), and immediately move to fresh air (either outdoors or near an open door or window). Know the symptoms of CO poisoning: headache, fatigue, dizziness, and shortness of breath. If you experience any of these symptoms, get fresh air right away and contact a doctor for proper diagnosis. (Remember carbon monoxide does not have a distinct odor, so you may not notice it aside from the alarm!!)
• Keep portable space heaters at least 3 feet from anything that can burn, including bedding, furniture, and clothing. Never drape clothing over a space heater to dry.
• Keep children and pets away from space heaters. Never leave children in a room alone when a space heater is in use.
• Have your fireplace chimney and flue inspected each year and cleaned if needed. Open the flue and use a sturdy fireplace screen when you have a fire. Burn only untreated wood; never burn paper or pine branches--pieces can float out the chimney and ignite your roof, a neighbor's roof, or nearby trees.
• If you use a wood-burning stove, have the chimney connection and flue checked each year. Make sure the stove is placed on an approved stove board to protect the floor from heat and coals.
• Never use your range or oven to heat your home, even for a short time.

It's also not a bad idea to have an emergency preparedness kit (just in case).  Here is a link with loads of information, including printable supply lists, family emergency plans you can download, etc. http://www.ready.gov/america/getakit/index.html

We have a tendency to think it's never going to happen to us, or never going to happen here, but reality is we need to be prepared for just about anything.  Stay safe!

PISMO BEACH –  Dick Keenan, principal of the Keenan Carter Group of Realtors®, led a golf outing to Las Vegas’ Spanish Trails Country Club in December, where his threesome played with Dave Jenks, co-author of the “Millionaire Real Estate” series of books. Mr. Keenan made a donation to KW Cares, the charity arm of Keller Williams Realty International, which won him the golf outing with Mr. Jenks.

            “Dave’s books have been a source of inspiration and great practical insight to so many of us affiliated with Keller Williams Realty International,” Mr. Keenan said. “It was exciting to have the opportunity to enjoy both golf and his company for a day.

            “We’re also grateful for the work KW Cares has been doing, so the donation was well worth it.” 

            Keller Williams Realty International is the North American real estate company known for its innovative on-going agent compensation system and stress on high technology marketing and management methods. Established in 2003, KW Cares is a 501(c)(3)  public charity that raises money through Keller Williams offices across North America, in order to provide emergency financial assistance to any member of the KW family in need and other charities aligned with the mission and values of Keller Williams Realty and KW Cares. 

            Dick Keenan is a Central Coast native and graduate of Cal Poly SLO, who began his real estate career in 1987. During his 23-year career, he has been one of the most successful REALTORS in the area, working with some of the area’s best-known agencies before founding the Keenan-Carter Group in 2003, when he and his wife Narlene joined Keller Williams Central Coast here. In 2004, he and Narlene opened Keller Williams Coastal Valley in Santa Maria.

            Dave Jenks was vice president of research and development for Keller Williams Realty International from 1996 through 2008. In 2002 he teamed with Gary Keller and Jay Papasan to write The Millionaire Real Estate Agent; It's not About the Money...It's About Being the Best Your Can Be.

            The highly successful first volume incorporated their ideas that inspiration was hollow without instruction as to what actually should be done. Soon thereafter, Millionaire Systems was born to promote and distribute their work, which continues through additional books, seminars, and other educational activities.

            Mr. Keenan said the two players joining him and Dave Jenks were Jay Kukawski and Rod Kiner. He said Jay scored an eagle (2-under-par) on one of Spanish Trails’ par 4s, which was the golf highlight of the day.

            The Keenan Carter Group is known as one of the most technologically advanced realty operations in the area, and offers expertise in a wide range of property types and real estate investments. It conducted a series of “Foreclosure Tours”, mobile educational seminars in the area, and received national coverage for its work on programs like Good Morning America and Neal Cavuto’s program on Fox News. For further information, contact The Keenan Carter Group at Keller Williams Realty, 350 James Way, Suite 130, Pismo Beach CA 93449. Call 805-773-7711, 805-489-3400, or toll-free at 888-549-4030. Fax: 805-773-7784.  Email: info@keenancartergroup.com

I’m often asked if this is a good time to buy a home.  Some clients are concerned that home prices may fall further than they have already.  They are assuming that the best course of action is to wait for the bottom in the market and then buy.  The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability.  Even though interest rates have gone up in the last six months, they are still near historic lows.  Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life.  It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.”  To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today’s market.